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Crawford corporation incurred the following transactions

05/05/2021 Client: muhammad11 Deadline: 2 Day

Accounting Homework
Subject
Business Finance

School
Blah Blah

Question Description
Need help with accounting homework. See attached file. For some questions there are more than one parts and to access the rest the first part needs to be submitted. So i may or may not request for part two to completed after the first portion is done. Thanks!Some questions have more than one segment and one segment is posted here however to have access to the rest of the problem the first portion needs to be submitted. So once you’re done with whats here I may or may not request a little bit more work. Thanks! Q1 The gross earnings of the factory workers for Larkin Company during the month of January are $86,000. The employer’s payroll taxes for the factory payroll are $9,500. The fringe benefits to be paid by the employer on this payroll are $5,300. Of the total accumulated cost of factory labor, 81% is related to direct labor and 19% is attributable to indirect labor. (a) Prepare the entry to record the factory labor costs for the month of January. (b) Prepare the entry to assign factory labor to production. Q2 Stine Company uses a job order cost system. On May 1, the company has a balance in Work in Process Inventory of $4,210 and two jobs in process: Job No. 429 $2,420, and Job No. 430 $1,790. During May, a summary of source documents reveals the following. Stine Company applies manufacturing overhead to jobs at an overhead rate of 62% of direct labor cost. Job No. 429 is completed during the month. Prepare summary journal entries to record (1) the requisition slips, (2) the time tickets, (3) the assignment of manufacturing overhead to jobs, and (4) the completion of Job No. 429. a) After you complete part a) I will have access to part b) Q3 Manufacturing cost data for Orlando Company, which uses a job order cost system, are presented below. Indicate the missing amount for each letter. Assume that in all cases manufacturing overhead is applied on the basis of direct labor cost and the rate is the same. Q4 Ikerd Company applies manufacturing overhead to jobs on the basis of machine hours used. Overhead costs are estimated to total $354,480 for the year, and machine usage is estimated at 126,600 hours. For the year, $378,440 of overhead costs are incurred and 131,800 hours are used. a) Compute the manufacturing overhead rate for the year. Manufacturing overhead rate: $ ____________ per machine hour After you complete part a) I will have access to part b) and then c) Q5 Answer the following questions. a) (1) What are the source documents for direct materials, direct labor, and manufacturing overhead costs assigned to this job? After you complete part a) I will have access to part b) Q6 Crawford Corporation incurred the following transactions. 1. Purchased raw materials on account $53,000. 2. Raw Materials of $36,100 were requisitioned to the factory. An analysis of the materials requisition slips indicated that $7,400 was classified as indirect materials. 3. Factory labor costs incurred were $61,300, of which $51,200 pertained to factory wages payable and $10,100 pertained to employer payroll taxes payable. 4. Time tickets indicated that $54,300 was direct labor and $7,000 was indirect labor. 5. Manufacturing overhead costs incurred on account were $82,000. 6. Depreciation on the company’s office building was $8,800. 7. Manufacturing overhead was applied at the rate of 160% of direct labor cost. 8. Goods costing $92,200 were completed and transferred to finished goods. 9. Finished goods costing $80,900 to manufacture were sold on account for $106,300. Q7 Enos Printing Corp. uses a job order cost system. The following data summarize the operations related to the first quarter’s production. 1. Materials purchased on account $193,600, and factory wages incurred $94,300. 2. Materials requisitioned and factory labor used by job: 3. Manufacturing overhead costs incurred on account $51,800. 4. Depreciation on factory equipment $16,450. 5. Depreciation on the company’s office building was $15,000. 6. Manufacturing overhead rate is 85% of direct labor cost. 7. Jobs completed during the quarter: A20, A21, and A23. Prepare a schedule showing the individual cost elements and total cost for each job in item 7. Q8 At May 31, 2020, the accounts of Lopez Company show the following. 1. May 1 inventories—finished goods $13,800, work in process $17,200, and raw materials $9,100. 2. May 31 inventories—finished goods $9,800, work in process $18,600, and raw materials $8,000. 3. Debit postings to work in process were direct materials $63,600, direct labor $51,800, and manufacturing overhead applied $43,100. (Assume that overhead applied was equal to overhead incurred.) 4.

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